An Augusta businessman on Wednesday gave Paine College $1 million, a major boost to keep the financially struggling school in business.
Peter Knox, managing partner of Knox Equity, delivered a check to the Augusta college’s president, Jerry Hardee, at a news conference Wednesday. Knox donated $1 million to the Georgia Cancer Center at Augusta University in January and is credited with helping save the city’s historic Miller Theater, according to published reports.
Paine College had a $10 million shortfall in 2014, court records show. The Southern Association of Colleges and Schools put Paine on probation that year and later tried to pull its accreditation. Unaccredited schools aren't eligible for federal student aid, and degrees conferred may carry no weight with employers or graduate schools. The Atlanta Journal-Constitution recently reported on Paine's challenges as part of its series on Historically Black Colleges & Universities.
Hardee, who became Paine’s president last year, has worked with board members and community leaders on an ambitious fundraising and strategic plan to keep the 425-student college afloat and resolve its issues with SACS. Its supporters include DeKalb County CEO Michael Thurmond, a Paine graduate and the college’s current board chairman, and U.S. Sen. Johnny Isakson, R-Ga.
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